Altcoin
Starknet token unlock takes a new turn amidst criticisms, details here
Posted:
| Last updated: February 25th, 2024
Journalist
- The Starknet team has unveiled a gradual unlock schedule.
- STRK has increased by over 5% in the last 24 hours.
The Starknet situation has become more intriguing as the team reconsidered its initial unlocking plans. Following this announcement, the price of STRK experienced an uptick.
Starknet takes a step back
In an announcement from the Starknet team on 22nd February, there has been a modification to the initial STRK unlock plan. The team indicated that, after considering feedback, the lockup schedule for early contributors and investors would now follow a more gradual approach.
There were concerns that the original plan would allow the network’s investors to dump on retail Starknet users.
Under the revised schedule, 0.64% of the initially minted 10 billion tokens will unlock on 15th April instead of the originally planned 13.4% (1.34 billion tokens).
This gradual unlocking will continue monthly at a rate of 0.64% (64 million tokens) until 15th March, 2025. Subsequently, it will transition to 1.27% (127 million tokens) monthly for the next 24 months until 15th March, 2027.
On 20th February, over 700 million STRK tokens were airdropped, available to over 1.3 million wallets. Following the airdrop, 45 million tokens were secured within the first hour and a half of allocations starting.
According to data, over 436 million STRK have been claimed by those eligible, representing about 94% of the total STRK currently available for distribution.
How the Starknet token has responded
An examination of the Starknet token showed that it initially traded at over $3 after its airdrop. However, the price experienced a subsequent drop of over 50%, prompted by criticisms directed at the airdrop and the Sybil attack it encountered.
Nevertheless, in the last 24 hours, price data indicates that STRK has witnessed an increase of over 5%. At the time of this writing, STRK was trading at around $2.
Source: CoinMarketCap
Volume and market cap firms up
Data from CoinMarketCap showed that the recent price increase has led to an almost 8% rise in the market cap.
Additionally, there has been an uptick in volume over the last 24 hours, with data showing an approximately 11% increase at the time of this writing.
